Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

Homeowners Insurance

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…

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Auto insurance reform injunction in Florida halted

Florida auto Insurance reforms

A federal judge has denied the progress of the process that could have blocked the PIP changes. A federal judge has just ruled to stop an injunction designed to impede the personal injury protection (PIP) reforms to the auto insurance law in Florida, which had only just been enacted last year. Supporters of the reform feel that this decision was an important victory for vehicle coverage in the state. As a part of U.S. District Court Judge Richard Lazzara’s ruling, he refused to grant requests for an injunction that were…

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Florida legislators back new bill that will reform the state’s no-fault auto insurance laws

As auto insurance fraud is thrusted into the limelight by the actions of federal and state regulators this week in New York, the eleven other states that host no-fault insurance laws are taking a hard look at what can be done to make fraud a less serious issue. Florida is currently the leader in terms of auto insurance fraud, much of which is spurred by the state’s no-fault laws. These laws require insurers to pay benefits to victims of car accidents no matter who may be at fault. Like in…

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University of Miami summit highlights the increasing cost of auto insurance

A summit held at the University of Miami on the topic of insurance fraud provided those in attendance with the opportunity to exchange stories, request assistance, and talk about litigation that is directed at this rising issue. One of the favorite examples, which was shared by Mary Lathrop, a Florida Highway Patrol Captain, involved a fender bender in the south end of the state. One of the drivers noticed that there was one fewer people in the car when the accident occurred than there were when the police arrived on…

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Florida to host a series of meetings of insurance and consumer representatives to solve problems with PIP system

The Florida state government will be facilitating a series of meetings to resolve an issue with the state’s personal injury protection (PIP) insurance law. Insurers, medical professionals, state officials and representatives from a number of consumer advocacy groups will be attending the meetings and working together to find some resolution to the issue. Currently, PIP insurance is required throughout Florida, which has spurred rampant fraud in the state. Through the meetings, the groups will conclude whether the PIP system should be reformed or abolished altogether. Fraud has plagues Florida’s PIP…

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Nationwide answers probing questions in Florida

Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…

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